Economics: People as Resource · Class 9 · CBSE Social Science
What is the primary difference between market activities and non-market activities?
Practice question from Economics: People as Resource (Class 9 · CBSE Social Science), with the correct answer and a step-by-step solution.
medium · MCQ · Q-313AD5
What is the primary difference between market activities and non-market activities?
- A.Market activities are performed by the government, while non-market activities are performed by private individuals.
- B.Market activities involve remuneration for profit or pay, whereas non-market activities are for self-consumption or production.Correct answer
- C.Market activities occur only in urban areas, while non-market activities occur in rural areas.
- D.Market activities require higher education, whereas non-market activities require unskilled labor.
Solution
Market activities involve remuneration paid to anyone performing activity i.e., activity performed for pay or profit. Non-market activities are production for self-consumption, which includes consumption and processing of primary products and own-account production of fixed assets.
More from Economics: People as Resource
- How does human capital differ from physical capital like machines and buildings?
- Which of the following activities is an example of the tertiary sector?
- Which of the following age groups constitutes the workforce population of a country according to standard economic studies in this chapter?
- Which sector experiences the problem of seasonal unemployment predominantly in rural areas?
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